US meat producer Tyson Foods has reported US$0.24 diluted earnings per share for the fourth fiscal quarter ended 28 September 2002, compared to $0.22 diluted earnings per share in the same quarter last year.
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Earnings for the fourth quarter include one time charges of $53m related to the discontinuation of the Thomas E. Wilson brand and the restructuring of the company’s live swine operations, along with a gain of $22m from the sale of the Specialty Brands subsidiary. The combined effect of the charges and gain reduced diluted earnings per share by $0.06.
Fourth-quarter 2002 sales were $5.8bn compared to $5.0bn last year. Operating income was $188m compared to $167m in the same quarter last year with operating margin at 3.3% for both periods.
Earnings for the fourth quarter of fiscal 2002 were $84m compared to $48m for the same period last year. The increase in sales, operating income and earnings was affected by the acquisition of IBP in the fourth quarter of fiscal 2001.
Sales for the 12 months of fiscal 2002 were $23.4bn compared to $10.6bn last year. Operating income was $887m compared to $316m for the same period last year. Earnings for the 12 months of fiscal 2002 were $383m compared to $88m for the same period last year. The increase in sales, operating income and earnings was also affected by the acquisition of IBP in the fourth quarter of fiscal 2001.
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